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Our firm has provided legal services in Central Jersey for over 30 years. We are dedicated to providing the highest quality at a reasonable cost.

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J. Kenneth Harris, Esq.

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Lynch & Karcich, L.L.C.

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Articles

Transfer Tax Management – Q&A

Question 1: I am a New Jersey resident. What transfer taxes should I consider? Answer: In addition to the federal gift, estate and generation-skipping transfer taxes, New Jersey imposes estate and inheritance taxes.

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New Jersey Protected Assets – Questions & Answers

Question 1: Assuming that someone has won a money judgment against me in court, from what assets of mine does the judgment creditor satisfy the judgment? Answer: The three basic sources which a judgment creditor may satisfy the judgment (1) income, (2) tangible and intangible personal property and (3) real property.

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Limited Liability Company – Questions and Answers

Question 1: If I transfer an asset into a single-member LLC, will I have to pay any tax? Answer: No. The transfer is to yourself for income tax purposes, thus there is no capital gains on the transfer.

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Irrevocable Life Insurance

CONSIDER AN IRREVOCABLE LIFE INSURANCE TRUST (ILIT) TO REDUCE ESTATE TAXES Insurance on your life will be included in your taxable estate if either (1) Your estate is the beneficiary of the insurance proceeds, or (2) You possessed certain "incidents of ownership" in the policy within three years of your death. Incidents of ownership that will cause the proceeds to be taxed in your estate include the rights to: change beneficiaries, assign the policy, pledge the policy as security for a loan, borrow against the policy's cash surrender value, and surrender or cancel the policy. A life insurance trust is an effective way to keep life insurance proceeds from being taxed in your estate.

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Death Tax Planning In New Jersey

DEATH TAX PLANNING IN NEW JERSEY As of this writing, we are in a period of uncertainty regarding the future of the federal estate tax. Although the House of Representatives has repeatedly voted to end the tax, the Senate has repeatedly voted to continue the tax. Many individuals have their own ideas about what will happen, but the truth is that nobody knows. If tax planning is an issue, flexibility is the key to a successful tax reduction strategy. Even if both houses of Congress and the President agree to end the federal tax, planning to reduce New Jersey Estate and Inheritance taxes must be considered.

[Read more]

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ARTICLES

Transfer Tax Management – Q&A
Question 1: I am a New Jersey resident. What transfer taxes should I consider? Answer: In addition to the federal gift, estate and generation-skipping transfer taxes, New Jersey imposes estate and inheritance taxes.

New Jersey Protected Assets – Questions & Answers
Question 1: Assuming that someone has won a money judgment against me in court, from what assets of mine does the judgment creditor satisfy the judgment? Answer: The three basic sources which a judgment creditor may satisfy the judgment (1) income, (2) tangible and intangible personal property and (3) real property.

Limited Liability Company – Questions and Answers
Question 1: If I transfer an asset into a single-member LLC, will I have to pay any tax? Answer: No. The transfer is to yourself for income tax purposes, thus there is no capital gains on the transfer.

Irrevocable Life Insurance
CONSIDER AN IRREVOCABLE LIFE INSURANCE TRUST (ILIT) TO REDUCE ESTATE TAXES Insurance on your life will be included in your taxable estate if either (1) Your estate is the beneficiary of the insurance proceeds, or (2) You possessed certain "incidents of ownership" in the policy within three years of your death. Incidents of ownership that will cause the proceeds to be taxed in your estate include the rights to: change beneficiaries, assign the policy, pledge the policy as security for a loan, borrow against the policy's cash surrender value, and surrender or cancel the policy. A life insurance trust is an effective way to keep life insurance proceeds from being taxed in your estate.

Death Tax Planning In New Jersey
DEATH TAX PLANNING IN NEW JERSEY As of this writing, we are in a period of uncertainty regarding the future of the federal estate tax. Although the House of Representatives has repeatedly voted to end the tax, the Senate has repeatedly voted to continue the tax. Many individuals have their own ideas about what will happen, but the truth is that nobody knows. If tax planning is an issue, flexibility is the key to a successful tax reduction strategy. Even if both houses of Congress and the President agree to end the federal tax, planning to reduce New Jersey Estate and Inheritance taxes must be considered.